A major security breach has struck Odin.fun, a Bitcoin-based memecoin launchpad and trading platform, resulting in the loss of approximately 58.2 BTC—valued at around $7 million—according to blockchain security firm PeckShield.
#PeckShieldAlert An @Odin_GodOfRunes community member reported that 58.2 $BTC (worth ~$7M) were drained from the platform.
— PeckShieldAlert (@PeckShieldAlert) August 13, 2025
- Hackers added liquidity (e.g., via $SATOSHI)
- Artificially inflated the token price
- Removed liquidity to receive BTC returns
Attacker Addresses:
-… pic.twitter.com/igSZZujB1I
PeckShield reported that the exploit, revealed Wednesday, was flagged by an Odin.fun community member. User “web3xiaoba” described the attack as a liquidity manipulation scheme: the perpetrators allegedly added tokens such as SATOSHI to inflate prices, then withdrew liquidity to collect Bitcoin payouts. In less than two hours, the platform’s bitcoin holdings plummeted from 291 BTC to just 232.8 BTC.
odinfun平台@Odin_GodOfRunes 疑似出了漏洞，不到2个小时存款从291个BTC骤降至232.8个BTC，少了整整58.2个BTC。昨天还在欢呼新UI上线，今天就成了黑客提款机，币圈就是这么神奇的地方吗？… pic.twitter.com/FC9jro8vcb
— 小巴 (@web3xiaoba) August 12, 2025
Eight hours after the incident, Odin.fun co-founder Bob Bodily confirmed on X that the team was still determining the exact scope of the losses.
“Our company treasury isn’t large enough to fully cover the stolen funds,” Bodily admitted, while stressing that remaining assets on the platform remain secure.
Bodily said the vulnerability was traced to Odin.fun’s automated liquidity market-making tool. He noted that several threat actors—mostly linked to Chinese entities—exploited the flaw to siphon bitcoin. The platform is now working on a “concrete plan” to compensate users, with full details to be shared once finalized. A comprehensive audit is already underway and could take up to a week.
Odin.fun has contacted U.S. law enforcement and is collaborating with major exchanges OKX and Binance, which are engaging Chinese authorities on the matter. The project claims to have substantial evidence against the attackers, including wallet activity records.
Addressing the perpetrators directly, Bodily issued a stern warning: “You have a short window to return the funds before it is too late. This is not a negotiation. Most of you have already been identified, and we will dedicate all necessary resources to recover what was stolen.”
Apologies for the delay in responding to today’s event. We know it’s been over 8 hours since the exploit and our silence has likely been frustrating for many of you. We wanted to speak sooner but needed time to verify the facts and take immediate action to protect user funds.…
— Bob Bodily, PhD 👋 | #BTC #ETH #ICP 🧙🏽♂️ (@BobBodily) August 13, 2025
While investigations continue, the incident underscores the ongoing vulnerabilities in decentralized trading platforms, particularly those operating on emerging blockchain ecosystems like Bitcoin’s.
